Horizon North Logistics Inc. Announces Results For The Quarter Ended June 30, 2011

About this update from Dexterra Group, Inc.

[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 3, 2011 /CNW/ - TSX Symbol: HNL\n\n\nHorizon North Logistics Inc. (\"Horizon\" or the \"Corporation\") reported\n its financial and operating results for the three and six months ended\n June 30, 2011 and 2010.\n\n\nSecond Quarter Highlights\n\n\nConsolidated revenues increased by 90% and consolidated EBITDAS\n increased by 201% as compared to the same period of 2010;\n\n\nRevenues from the Camps Catering segment increased by 86% as compared\n to the same period of 2010, driven by increased rental and catering\n activity and strong service revenues; and\n\n\nRevenues from the Matting segment increased by 116% as compared to the\n same period of 2010, led by strong mat sales and related services.\n\n\nFinancial Summary\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(000's except per share amounts)\n\n\nThree Months EndedJune 30, 2011\n\n\nThree Months EndedJune 30, 2010(4)\n\n\nSix Months EndedJune 30, 2011\n\n\nSix Months EndedJune 30, 2010(4)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n$86,607\n\n\n$45,644\n\n\n$189,766\n\n\n$89,346\n\n\nEBITDAS(1)\n\n\n22,019\n\n\n7,271\n\n\n44,824\n\n\n16,241\n\n\nOperating earnings (1)\n\n\n14,652\n\n\n512\n\n\n30,193\n\n\n3,119\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal profit and comprehensive income\n\n\n10,233\n\n\n(59)\n\n\n21,145\n\n\n982\n\n\nEarnings per share - basic and diluted\n\n\n$0.10\n\n\n$0.00\n\n\n$0.20\n\n\n$0.01\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal assets\n\n\n315,251\n\n\n251,115\n\n\n315,251\n\n\n251,115\n\n\nLong-term loans and borrowings\n\n\n42,773\n\n\n24,098\n\n\n42,773\n\n\n24,098\n\n\nFunds from operations(2)\n\n\n17,232\n\n\n6,371\n\n\n34,399\n\n\n12,909\n\n\nCapital spending\n\n\n30,423\n\n\n17,968\n\n\n56,247\n\n\n26,809\n\n\nDebt to total capitalization ratio(3)\n\n\n0.19\n\n\n0.17\n\n\n0.19\n\n\n0.17\n\n\n\n\n\n(1)\n\n\nEBITDAS (Earnings before interest, taxes, depreciation, amortization,\n gain/loss on disposal of property, plant and equipment, and share based\n compensation) and operating earnings are not a recognized measure under\n IFRS. Management believes that in addition to net earnings, EBITDAS is\n a useful supplemental measure as it provides an indication of the\n Corporation's ability to generate cash flow in order to fund working\n capital, service debt, pay current income taxes and fund capital\n programs, and it is regularly ...

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